Horizon Technology Finance has provided a $12.5 million venture loan facility to Sonex Health Inc. Based in Eagan, Minnesota, Sonex provides technology, education and training programs for ultrasound guided procedures.
FARMINGTON, Conn., Nov. 17, 2020 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $12.5 million venture loan facility to Sonex Health, Inc. (“Sonex”), of which $7.5 million has been initially funded.
Sonex develops innovative technology, education and training programs for ultrasound guided procedures that reduce invasiveness, improve safety and lower the cost of quality care. Sonex’s first device, the SX-One MicroKnife®, is FDA 510k cleared and is the first major technological advance in treating Carpal Tunnel Syndrome (CTS) in 20 years. CTS affects approximately 5% of people in the United States, and the SX-One MicroKnife allows physicians to safely perform Carpal Tunnel Release (CTR) in a doctor’s office under local anesthesia, while reducing recovery time for patients from weeks to a matter of days. Sonex will use the loan proceeds for general working capital purposes.
“Sonex’s innovative SX-One MicroKnife provides physicians with a clear alternative to treat CTS,” said Gerald A. Michaud, President of Horizon. “We are excited to support Sonex Health’s growth initiatives, as well as launching additional therapeutic devices to treat other common medical conditions.”
“We are very appreciative of Horizon’s support of Sonex, and its clear understanding of how the innovative SX-One Microknife is a game-changer for those who suffer with CTS,” said Dr. Darryl Barnes, Chief Executive Officer of Sonex. “Physicians are able to safely and effectively perform CTR with real time ultrasound guidance, considerably reducing recovery time for patients and freeing up operating room availability for other procedures. Horizon’s support allows us to further market the SX-One MicroKnife and strengthen our efforts to develop new solutions that lower the cost of quality care for treating additional widespread conditions.”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
About Sonex Health, Inc.
Sonex Health was founded by Mayo Clinic physicians Darryl Barnes and Jay Smith along with business operations expert Aaron Keenan in 2014. The three were brought together by a shared desire to create safe and effective treatments for common orthopedic conditions that would improve the patient experience and practice efficiency while reducing costs. Sonex Health has developed the SX-One MicroKnife with Meerkat Technology® to treat carpal tunnel syndrome in a novel fashion. This innovation allows carpal tunnel release, a procedure that once took place in an operating room, to be safely and effectively performed through a small incision (<5mm) in a procedure room or office setting, resulting in rapid patient recovery and reduced costs. For more information, visit www.sonexhealth.com and follow Sonex Health on Twitter, Facebook and LinkedIn.